Tom Herman
speaker
200 appearances
3 recordings
1 series
first heard Jan 2020
last heard Sep 2022
Tom Herman’s voice in public audio — every appearance, attributed to the second.
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Appearances
And there's also a special rule for amending your return if you have a bad debt or a worthless security.
In those cases, the amended return generally has to be filed within seven years after the due date of the return for the year in which the debt or security became worthless.
A lot of people don't know about that.
It could.
It depends on the facts and circumstances of your case.
But yes, definitely, the IRS does not waive interest whenever interest comes into play.
That's a great question because there are times when that could be exactly the wrong approach, and it could even backfire.
I spoke to a lawyer, Brian Scarlato, at Kostelanitz & Fink.
He said, if your return is already under audit, it's usually not a good idea to file an amended return.
It's better just to reply to the request for documents or information the IRS wants.
Don't file an amended return typically in those cases.
And also consider talking to a lawyer or an enrolled agent or an accountant if anything could involve criminal issues.
In that case, it might be better just to deal with a professional instead of filing an amended return.
The professional can explore the various options that you have.
Typically, it's better for you to go to the IRS than to have the IRS come to you.
But again, it depends on the details of the case.
And that's why if there's anything that could involve criminal issues, you want to talk to a tax pro, preferably a lawyer who's experienced in that area.
Don't just blindly amend the return.
My pleasure.
Thanks for including me.
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